CIBC CEO says not planning asset management acquisitions

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TORONTO (Reuters) - Canadian Imperial Bank of Commerce Chief Executive Victor Dodig said on Tuesday he is really not looking to make asset management acquisitions, a departure from comments made last year about chasing such deals in the United States.

“Can we do something that would be accretive by year three?” he said at an RBC Capital Markets conference. “To be able to do that, you can’t do a big wealth acquisition, you can’t do a big asset management acquisition.”